MCX plans to use the power of each of these major retailers to create a strong mobile wallet app for smartphone users. Together, all of these retailers rake in about $1 trillion in annual sales.

Mobile wallets eliminate the need for cash and credit cards, allowing customers to pay for every day items at store registers using only their smartphones. The MCX platform will provide promotions, retail programs and customized offers for customers as well.

"MCX will leverage mobile technology to give customers a faster and more convenient shopping experience while eliminating unnecessary costs for all stakeholders," said Mike Cook, corporate vice president and assistant treasurer for Wal-Mart. "The MCX platform will employ secure technology to deliver an efficiency-enhancing mobile solution available to all merchant categories, including retail stores, casual dining, petroleum and e-commerce."

It's odd to see some brick-and-mortar retailers working together on such an effort, since many of them are direct competitors, but one thing that these kinds of retailers do share is their lack of presence in the technological realm. Stores like Best Buy and Wal-Mart were complaining about Internet retailer Amazon's dominance when it wasn't collecting sales taxes certain U.S. states. The retailers fell behind the Internet's lead and is now looking to use technology for help.